Trade Idea Wrap-up: EUR/USD – Stand aside

Trade Idea Wrap-up: EUR/USD – Stand aside

Trade Idea Wrap-up: EUR/USD – Stand aside

EUR/USD – 1.1747
Most recent candlesticks pattern : N/A
Trend : Sideways
Tenkan-Sen level : 1.1748
Kijun-Sen level : 1.1762
Ichimoku cloud top : 1.1812
Ichimoku cloud bottom : 1.1801
New strategy :
Stand aside
Position : –
Target : –
Stop : –
Despite last week’s strong rebound to 1.1858, lack of follow through buying and the subsequent sharp retreat suggest further choppy trading within recent established range would be seen and weakness to 1.1730 support cannot be ruled out, however, break there is needed to retain bearishness and signal another leg of decline from 1.1880 is underway for weakness to 1.1700 and possibly towards said support at 1.1669.
In view of this, would not chase this fall here and would be prudent to stand aside for now. Above 1.1780-90 would bring recovery to 1.1820-25, however, said resistance at 1.1858 should limit upside and price should falter well below said resistance at 1.1880. Only a break above there would signal another leg of erratic upmove from 1.1669 low is underway for gain to 1.1900-10, then towards 1.1940-50 later. As near term outlook is mixed, would be prudent to stand aside for now.

Author: Action ForexMore from the author

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